What cuts are you prepared to personally suffer to repay the deficit?

chewmylegoff

olly300 wrote: »

He may be a non-dom.

Don't presume everyone is in the same boat on MSE.

If he isn't and in a scheme where he is currently avoiding tax then once HMRC proves the scheme is tax evasion rather than tax avoidance and changes the law retrospectively, he will just have to pay up when HMRC come knocking for the back tax he owes.

he isn't earning enough to make the fees connected with complex avoidance worth it. if he is non-dom then he would be paying £30kpa flat rate before the tax on his uk income had even been taken into account.

either that or he means that his turnover is £7,500pcm before tax, which is far more plausible.

chewmylegoff

silvercar wrote: »

Does that cause a problem when you apply for a mortgage? I'm presuming your business expenses are sky high to reduce your net income or you are contributing massively to a pension/ trust.

he says take home is £7,500 which in normal language means he has £7,500 paid into a bank account in his name available to spend. if he just chucks it all into a pension then it's hardly the handywork of a superaccountant.

silvercar

chewmylegoff wrote: »

he says take home is £7,500 which in normal language means he has £7,500 paid into a bank account in his name available to spend. if he just chucks it all into a pension then it's hardly the handywork of a superaccountant.

At that tax level it won't be all taxable income, it will be refunds of legitimate expenses, dividends, bonuses etc,

bootman

Conrad wrote: »

Your'e totaly off beam here. In REALITY a good accountant will get your Tax way lower.

I take home approx £7500 pm. If you gross that up as if I were an employed civil servant, the annual gross with that take home figure is c£140kpa.

My Tax bill, both corporate and personal = £10k pa.

These are the kind of people that need sorting out. I don't care if this is 'within the rules' behaviour, how is this fair? I think we have far too many loopholes and far too many people who get away with putting the minimum through the books and taking the majority in cash, so still able to get full benefits but actually living the life of riley.

It's the regular PAYE person that cops the brunt of everything not the people that can afford an accountant to look for every loophole.

silvercar

bootman wrote: »

These are the kind of people that need sorting out. I don't care if this is 'within the rules' behaviour, how is this fair? I think we have far too many loopholes and far too many people who get away with putting the minimum through the books and taking the majority in cash, so still able to get full benefits but actually living the life of riley.

It's the regular PAYE person that cops the brunt of everything not the people that can afford an accountant to look for every loophole.

To be fair I don't think Conrad is claiming benefits or taking cash, it is all legal tax avoidance.

The other side of the coin is that employees on PAYE get paid their contracted rate whatever. Whereas the self-employed's income depends on the success of the business.

olly300

bootman wrote: »

It's the regular PAYE person that cops the brunt of everything not the people that can afford an accountant to look for every loophole.

The regular PAYE person doesn't take any risks.

I've talked to a fair few business people and the self-employed who have been made bankrupt or nearly made bankrupt when a large client fails.

In the case of the nearlies they have had to borrow money to ensure their permanently employed staff got paid.

ukcarper

olly300 wrote: »

The regular PAYE person doesn't take any risks.

I've talked to a fair few business people and the self-employed who have been made bankrupt or nearly made bankrupt when a large client fails.

In the case of the nearlies they have had to borrow money to ensure their permanently employed staff got paid.

If he is telling the truth? he is paying £10k + ni, instead of the £48.5k tax + £5.2k ni a paye person would pay not bad insurance.

lazer

I'm prepared to sacrifice my hard earned money payig more VAT

VAT is the only way to raise more taxes that will affect everyone without causing hardship for the poorest in society, as essentail goods are NIL VAT.

I'd be happy for it to be increased to 30%

This is much preferable to increasing taxes on the working to support the non working

Kronkston_2

tcr wrote: »

I'm a civil servant. Two year public sector pay freeze I can live with. But two year public sector pay freeze with no salary progression means I'll be over 6G out of pocket by the time I reach my grade maximum in 5 years time.

I signed up expecting I'd get to my salary max within a reasonable time. But to lose that kind of money as my "contribution" to repairing the nations finances is too much for this dude ... but I'm totally undecided what to do about it. Strike ? I'd just lose even more money. Change job ? Not keen, I quite enjoy my job, it's local with not much of a commute.

Guess I'll just need to take it on the chin. Pretty dire, though, to think that some of the people who helped cause this financial catastrophe won't be making any contribution to repairing the damage they caused, they'll never be held to account, they'll just disappear with their many pots of gold, never to be seen again.

Rubbish, innit ?

I think you should be cut!
"by the time I reach my grade maximum in 5 years time." you mean you get get paid more just for turning up?

mostlycheerful

What cuts are you prepared to personally suffer to repay the deficit?

None. It’s not my fault that millions of people in America and UK and some other countries ripped off their self cert mortgages, loans, credit cards and overdrafts thereby causing credit crunch and world recession. I’m not paying for problems caused by thieves. I’ve been saying for a long time that criminals should be locked up and prevented from doing crime instead of the current gross failure of the negligent incompetent unfit for purpose government, police and justice system allowing millions of criminals and degenerates and subhumans to go bang at it hammer and tongs all the time. I do not accept the notion that citizens are attacked, mugged, burgled and defrauded all the time everywhere. I do not accept the current evil insane idea that criminals are allowed to defraud banks all the time whenever they want as much as they want, with impunity, as is currently the case. You don’t get criminals robbing banks all the time and getting away with it all the time in France. You pass a bad cheque or rip off your credit card in France and you can get nicked and hauled off to prison, and rightly so. So mostly people don’t do it, they know that it’s unacceptable unsustainable bad behaviour. And ditto in quite a few countries. But in UK it’s just a free for all with no rule of law and anyone can rob a bank or lender any time they want. The UK is degenerate and immoral and amoral. But, no, that’s wrong and I’m not paying a drop to support criminals on the rob, no chance.